Amid the IDBI Bank disinvestment row, Congress leader Rahul Gandhi has expressed solidarity with the bank employees and questioned the government’s decision to sell off the profitable public bank to a Canadian firm.
In a letter addressed to members of the IDBI Bank family, Mr. “I took that question to the Lok Sabha. I asked why a profitable public bank was being sold and how its employees and depositors would be protected. The government gave no reason. Now it has decided to sell IDBI Bank to Fairfax, a Canadian company,” Mr. “You asked me to stand with you. Stay together. Tagging his letter on X, Mr. During Modi’s time, first the bidding was seen, then the price was set. “During Congress’s time, banks were being created. During Modi’s time, they are being sold. The Request for Proposal (RFP) also provides for a situation where the highest financial bid is lower than the reserve price. Under the provision, the government decides the further course of action, and qualified interested parties cannot subsequently question the decision.
In 2003, the government promised Parliament that it would always hold at least 50% of IDBI, he said.
Gandhi said that in March last year, a group of IDBI Bank employees came to meet him in Parliament House and asked him a simple question as to why the government is selling a bank that they had made profitable. Gandhi said. Stay determined,” the former Congress chief said. Gandhi said, “During Congress’s time, IDBI was established to build the nation’s industry. I stand with the employees of IDBI Bank,” he said. His remarks came a day after the Department of Investment and Public Asset Management (DIPAM) said the second round of bidding for strategic disinvestment of IDBI Bank was conducted under a procedure determined by the Core Group of Secretaries on Disinvestment (CGD), which was empowered by the Cabinet Committee on Economic Affairs (CCEA) to address procedural issues and deviations.
I stand with you in your fight today, and fully support all your legitimate demands.
